Italy

Economic recovery depends on the reduction of public debt

The value of the fiscal deficit decreased during the third quarter of 2013 by 3.7% compared to the second quarter, which recorded a deficit of 4.1%, an average of 0. 07%. The Italian government expects to achieve economic growth this year by 1.1% to reach 1.3% by 2015. On the other hand, Italy’s debt fell to 132.9% from a peak of 133.3%, recorded in the previous quarter, but it remains the second highest debt in the region, coming after Greece. The public debt has risen to €18.7 billion last November, registering an increase of €2,104 trillion, while tax revenues relatively decreased to €339.1 billion. Italian exports grew by 1.7 % and imports by 1.1% in August 2013 on a monthly basis. However, the country’s exports fell by 4.4% and imports by 9.8% in the same period, compared to the same month of the previous year. While the trade balance surplus reached €19.2 billion in the first eight months of last year. It is worth mentioning that the Italian exports recorded in July last year, annual and monthly declines. On the other hand, 30 Italian companies recently offered their products of construction materials, doors, windows, bricks and marble, upon their participation in the Iraqi exhibition for construction materials in Najaf. The exhibition’ organizers considered it a start for attracting international companies to the city, in terms of future plans for the growth of the economy.